Capitalism
What is Capitalism?
Private ownership
What is Socialism?
Individual people should be able to own there own thing like clothes and houses, but not companies
Who decides to produce goods and services?
Businesses, but the government regulates certain industries
China and Cuba are examples of this economic system
Communism
What do you call a fake noodle?
An impasta
What is it called when the government does not interfere with business?
Laissez-Faire
What are means of production?
All the means of production of a society
Who decides what to produce?
Businesses
Communist countries have what type of economic system?
Command
What did the baby corn ask the mama corn?
"Where's pop corn?"
What is another name for Capitalism?
Free Market
The government or groups of workers might control these resources but the profits are divided among the people is called...
Socialism
Who are goods and services produced for?
Consumers
What is Communism?
A theory advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
What did the evil chicken lay?
deviled eggs
What economy is based predominantly on free markets and economic incentives?
Direct Capitalism
In a socialist economy, the wealth is distributed evenly among citizens true or false
True
What is a Mixed Economy?
An economic system blending elements of market with elements of planned economies,free markets with state interventionism, or private enterprise with public enterprise
Karl Marx was the founder of this philosophy.
Communism
How do you organize a space party
YOU PLANET
What are the two most important aspects that distinguish capitalism from the other economic systems?
Entrepreneuship and prequisite for developemnet and the notion of accumulation
Government owns some industries.
Socialism
What type of economic system allows government and private businesses to make economic decisions?
Mixed Economy
The Country of Korea, who has a dictator that makes most of the economic decisions is what kind of economy?
Command
Why did the turtle cross the road?
to get to the shell station